Hartford Investment Management Co. cut its position in Pinnacle West Capital Co. (NYSE:PNW) by 19.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,384 shares of the utilities provider’s stock after selling 4,095 shares during the quarter. Hartford Investment Management Co.’s holdings in Pinnacle West Capital were worth $1,400,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Silvant Capital Management LLC acquired a new position in Pinnacle West Capital in the 1st quarter valued at $127,000. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth $151,000. Segall Bryant & Hamill LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth $201,000. Signaturefd LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth $220,000. Finally, Bridgeworth LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth $223,000. Institutional investors and hedge funds own 81.47% of the company’s stock.
In related news, EVP Mark A. Schiavoni sold 9,534 shares of the firm’s stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total value of $753,376.68. Following the sale, the executive vice president now directly owns 25,496 shares in the company, valued at approximately $2,014,693.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. The business had revenue of $974.12 million for the quarter, compared to analysts’ expectations of $939.59 million. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.49 EPS. research analysts expect that Pinnacle West Capital Co. will post 4.44 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 1st will be given a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Tuesday, July 31st. Pinnacle West Capital’s payout ratio is 63.91%.
A number of equities analysts have recently weighed in on the company. UBS Group increased their price target on Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Co upgraded Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. Morgan Stanley lifted their price objective on Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a research note on Monday, July 16th. Zacks Investment Research lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Finally, ValuEngine raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Wednesday, June 27th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $84.20.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
See Also: Leveraged Buyout (LBO)
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